German GfK Consumer Confidence Survey (MAY)
Actual:??? 5.5
Consensus:?4.7
Previous:??? 4.4
Consumers and Business alike remain resolutely optimistic about the future of German growth, with the latest Gfk survey showing strong gains in the headline index. The “Economic outlook” index gained an impressive 8 points to 61.0, while “Income expectations” grew from 15.9 to 29.6 through the same period. The only negative of the report remained the “Willingness to buy” reading, but an improvement from -12.3 to -6.5 shows that consumers are gradually recovering from the January Value Added Tax hike.
Traders showed very modest reactions to the number, with the EURUSD gaining 5 points in the moments to follow. This is the type of number that rarely forces strong moves in any given currency pair, but the reports of consumer optimism will nonetheless bolster the case for further Euro strength.